Table of Contents
General Ledger Systems for Banks Functionality
Ledger systems are designed for a core functionality needed to conduct payment-heavy business. They function around payment information logging and interpretation. GLs are put on top of the business process to combine functional modules into a unified ecosystem. These solutions are created in most cases from the basic functionality of the retail banking system processing core. It meets the basic data security requirements within the regulations and standards certification.
Architecture of the General ledger systems for banks
The general ledger layer in its core is a multi-asset ledgering solution that does basic data processing functions. It is the set of scripts that transform the taken data (from the data lake of data marts) into the structured database of a specific configuration. The multi-asset ledgering solution is basically suitable for writing down the entities and connecting them accordingly throughout many charts with no regard to the actual information in the entry.
Apart from the multi-asset core, the general ledger has an already built gate for payment systems. As it is the solution for banking or payment-oriented businesses, development companies tend to put in the code for payment recording and data transmission to the bank source and backward. The specific basic feature of the ledger is also the fees and commissions set up. On the code and numbers level, it is technically adding the multiplicators on the record tracking as well as their remittances. In this case, when the general ledger layer is dealing with millions of transactions per day, remittance (the automated checkup of the ledger data at your end and your issuing bank side) helps to meet the ends in terms of P&L reports.
Additional functionality of the general ledger systems for banks
All the other functionality of the general ledger layer is bound around putting it into the ecosystem for payment acceptance and their direct connection with the client who has conducted one. All other connections are done with the help of the API module that has the predesigned endpoints for data acceptance from third-party sources. Dividing the ledger multi-asset solution and API module gives great flexibility in future development and process scaling up.
API module collects all the primary endpoints that extend the capabilities of the general ledger. That could be a variety of endpoints truly revealing the potential of the ledger, adding the KYC, analytics, and client management solutions into one unified system. Here, client management and communication automation allow working with the clients on the primary level. As well as these features, the API module opens opportunities for teamwork in the whole ecosystem. SDK.finance, as an example, has been developing a solution for team management, analytics, and client communication. It can be added easily to the general ledger in the same way as the mobile application for client access to the banking functionality. Try the general ledger systems for banks that give your all-in-one retail bank potential. Put your competitors behind with smooth and reliable performance of your ecosystem.